Financial services groups again dominate the asset giants, with Old Mutual firmly entrenched as SA's largest listed group, despite factors such as rand strength trimming its total assets by R74bn (10%) to R661bn. The sector's asset strength is in line with global norms; Forbes' latest top 200 company review shows financial services groups in the first 21 positions and occupying 47 out of the top 50 positions worldwide. In SA, 11 of the top 20 positions are held by nonfinancial groups.
Old Mutual's assets are about a tenth of those of the world's largest assurer, Germany's Allianz-Worldwide, but almost twice the size of nearest SA rival FirstRand, which five years ago was only 2% behind. Sanlam, SA's second-largest assurer, has fallen by the wayside, having grown total assets by a mere 20% over the past five years compared with Old Mutual's 123%.
The tussle for position as biggest bank was again fought out between Standard Bank and FirstRand, and 6% growth in the latter's assets to R395bn was enough to edge Standard out of second position. A strong showing by Absa, with assets up 9% to R269bn, boosted it from eighth to fifth, leaving Nedcor as the smallest of the big-four banks despite its 37% asset growth through its acquisition of BoE.
Resource group Anglo American heads the list of nonfinancial asset heavyweights. BHP Billiton felt the impact of the strong rand more acutely.
In 11th position overall, Sasol again tops the list as the largest SA-domiciled resources group with total assets up 8% at R67,7bn. Among industrial companies Richemont surged into the top position previously held by Sappi.
This year Telkom makes its first appearance in the FM's asset ranking in 14th position . Hot on its heels, SABMiller increased total assets 15% to R50,3bn by acquiring Miller Brewing in the US, ousting Remgro as SA's second-largest industrial company.
